Texas placed second on a list of states with the most commercial real estate development activity in 2012, according to a report by the NAIOP Research Foundation. The report measures how office, industrial and retail development contributed to the U.S. economy in 2012.
Generating 162,877 jobs and $4.34 billion in new projects and spending related to commercial real estate, the Lone Star state came in second only to New York. Texas ranked no. 1 a year earlier.
Nationally, commercial real estate supported approximately 2.3 million American jobs and contributed $303.4 billion to the nation’s economy, marking the second year that the sector posted gains since 2007.
Watch the below video produced by the NAIOP Research Foundation to see how commercial real estate development positively impacts the economy.